At April 30, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,779	$	13	$	(10)	$	2,782
U.S. treasury securities	1,148		2		(3)		1,147
Mortgage-backed obligations	144		0		(4)		140
Asset-backed securities	1,229		4		(1)		1,232
Municipal securities	85		0		0		85

Commercial paper	928		0		0		928

Covered bonds	26		0		0		26
Other	140		0		0		140
Total marketable securities	$	6,479	$	19	$	(18)	$	6,480

At January 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,574	$	6	$	(23)	$	2,557
U.S. treasury securities	546		0		(4)		542
Mortgage-backed obligations	128		0		(6)		122
Asset-backed securities	1,218		3		(4)		1,217
Municipal securities	108		0		(1)		107
Commercial paper	506		0		0		506

Covered bonds	29		0		(2)		27
Other	106		0		0		106
Total marketable securities	$	5,215	$	9	$	(40)	$	5,184

The contractual maturities of the investments classified as marketable securities were as follows (in millions):


	As of
	April 30, 2025		January 31, 2025
Due within 1 year	$	3,197	$	2,081
Due in 1 year through 5 years	3,276		3,098
Due in 5 years through 10 years	7		5
	$	6,480	$	5,184

Interest income from marketable securities for the three months ended April 30, 2025 and 2024 was $169 million, and $196 million, respectively, and is included in other income in the condensed consolidated statements of operations.

Strategic investments by form and measurement category as of April 30, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	53	$	4,715	$	137	$	4,905
Other investments	0		0		36		36
Balance as of April 30, 2025	$	53	$	4,715	$	173	$	4,941

Strategic investments by form and measurement category as of January 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	69	$	4,617	$	125	$	4,811
Other investments	0		0		41		41
Balance as of January 31, 2025	$	69	$	4,617	$	166	$	4,852

The Company holds investments in, or management agreements with, variable interest entities (“VIEs”) which the Company does not consolidate because it is not considered the primary beneficiary of these entities. The carrying value of VIEs within strategic investments was $476 million and $484 million, as of April 30, 2025 and January 31, 2025, respectively.

The components of gains (losses) on strategic investments, net were as follows (in millions):


1	Three Months Ended April 30,
		2025		2024
Unrealized gains (losses) recognized on publicly traded equity securities, net		$	(16)	$	3
Unrealized gains recognized on privately held equity securities, net		7		105
Impairments on privately held equity securities and other investments		(47)		(130)
Unrealized losses, net		(56)		(22)
Realized gains (losses) on sales of securities, net		(7)		59

Gains (losses) on strategic investments, net		$	(63)	$	37

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $21 million and $116 million and impairments and downward adjustments of $60 million and $139 million for the three months ended April 30, 2025 and 2024, respectively.